WASHINGTON—Perhaps not too surprisingly, the most-complained-about financial product or service is debt collection, according to the CFPB’s latest monthly consumer complaints snapshot.
The Bureau’s July snapshot reveals that 31% of financial services complaints submitted for the month were about debt collection. Of the 26,704 complaints handled in July, approximately 8,224 of them were about debt collection.
The second most-complained-about consumer product was credit reporting, accounting for approximately 6,696 complaints. The third most-complained-about financial product or service was mortgages, accounting for approximately 4,498 complaints.
Other report highlights:
- Product trends: In a year-to-year comparison, consumer loan complaints, which include pawn loans, title loans, and installment loans, showed the greatest percentage increase—61%—from the same time last year. They went from approximately 718 complaints to 1,154 complaints on average per month over a three-month time period. Bank account or services complaints showed the greatest percentage decrease over the same time period, going from a monthly average of 1,976 complaints in 2014 to 1,895 complaints in 2015, a 4% decrease.
- State information: Hawaii, Maine, Georgia, and North Carolina experienced the greatest complaint volume increases from the same time last year; with Hawaii up 37%, Maine up 36%, and both Georgia and North Carolina up by 33%. South Dakota, New Mexico, and Alaska experienced the greatest complaint volume decrease from the same time last year, with South Dakota down 31%, New Mexico down 16%, and Arkansas down 11%.